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EX-SAC Capital Manager Launching Hedge Fund

SAC Capital Advisors money manager Vishal Ghiya has resigned from his position to start his own hedge fund firm.

Bloomberg reported that Ghiya, who worked at SAC affiliate Sigma Capital Management, told management last week of his plans to launch his own firm. Additional information was not disclosed.

In an effort to keep portfolio managers from leaving in the midst of its insider trading probe, SAC began giving its portfolio managers an automatic 3.5% retention bonus if they remain at the firm. However, departures at the firm remain steady, which includes the departures of money manager Andrew Schiffrin and chief operating officer Sol Kumin.

SAC, which admitted to insider trading in November, was charged with wire fraud and four counts of securities fraud for allegedly allowing insider trading to go unchecked from 1999 through at least 2010. The Securities and Exchange Commission also charged Cohen for failing to prevent insider trading at his firm.

SAC had about $14 billion in total assets under management as of July 1.